Collector-car auction house RM Auctions said plans to sell a 1967 Ferrari 275 GTB/4 N.A.R.T Spyder during its sale in Monterey, Calif., on Aug. 16 and 17, during the classic-car week that revolves around the Pebble Beach Concours d’Elegance.

The car is among the most sought-after and coveted Ferrari sports cars in part because just 10 were made. The Spyder, based on the 275 GTB/4 coupe, was developed after Ferrari’s North American distributor Luigi Chinetti suggested there was demand in the U.S. for a convertible version.

Chinetti eventually convinced Ferrari to allow him to commission a limited run of the ragtops from Scaglietti, the coachbuilder famous for turning out some of the most desirable Ferraris including the GTO.

The car for sale is especially rare because it has been owned by the same family since new. North Carolina businessman and longtime Ferrari collector Eddie Smith Sr. bought the car and picked it up from the factory in Maranello, Italy.

While cars like this would have originally sold for around $15,000 – extremely steep in 1967 – they typically sell for $7 million to $9 million today thanks to their rarity. Because of its single-family ownership, this car is expected to fetch “in excess of $12 million,” the auction house said.

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